Teekay Corp. (NYSE:TK) Given Average Recommendation of “Hold” by Brokerages
Teekay Corp. (NYSE:TK) has been given an average recommendation of “Hold” by the eleven research firms that are currently covering the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $15.33.
Several analysts have commented on TK shares. Zacks Investment Research raised Teekay Corp. from a “hold” rating to a “buy” rating and set a $7.75 price objective on the stock in a report on Wednesday, June 29th. Jefferies Group set a $7.00 price objective on Teekay Corp. and gave the company a “hold” rating in a report on Wednesday, July 27th. Wells Fargo & Co. reissued a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. TheStreet lowered Teekay Corp. from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Finally, Credit Suisse Group AG set a $6.00 price objective on Teekay Corp. and gave the company a “hold” rating in a report on Friday, August 5th.
Teekay Corp. (NYSE:TK) traded up 3.66% during mid-day trading on Monday, reaching $8.77. The company had a trading volume of 399,177 shares. The stock’s market capitalization is $743.98 million. Teekay Corp. has a 52 week low of $4.37 and a 52 week high of $35.38. The stock has a 50 day moving average of $7.41 and a 200 day moving average of $8.20.
Teekay Corp. (NYSE:TK) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. Teekay Corp. had a positive return on equity of 0.74% and a negative net margin of 3.96%. The company had revenue of $587.60 million for the quarter, compared to analyst estimates of $558.42 million. During the same period last year, the company earned $0.27 earnings per share. Teekay Corp.’s quarterly revenue was down .9% compared to the same quarter last year. Analysts anticipate that Teekay Corp. will post ($0.38) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 16th. Stockholders of record on Friday, October 28th will be paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Wednesday, October 26th. Teekay Corp.’s dividend payout ratio is presently -15.07%.
Hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Teekay Corp. by 523.2% in the second quarter. Royal Bank of Canada now owns 100,525 shares of the company’s stock worth $717,000 after buying an additional 84,395 shares in the last quarter. Legal & General Group Plc raised its position in Teekay Corp. by 84.6% in the second quarter. Legal & General Group Plc now owns 45,864 shares of the company’s stock worth $327,000 after buying an additional 21,022 shares during the period. Panagora Asset Management Inc. raised its position in Teekay Corp. by 1,146.3% in the second quarter. Panagora Asset Management Inc. now owns 294,115 shares of the company’s stock worth $2,097,000 after buying an additional 270,515 shares during the period. Eagle Global Advisors LLC raised its position in Teekay Corp. by 1,951.6% in the second quarter. Eagle Global Advisors LLC now owns 628,110 shares of the company’s stock worth $4,478,000 after buying an additional 597,495 shares during the period. Finally, Bridgeway Capital Management Inc. bought a new position in Teekay Corp. during the second quarter worth $943,000. 47.71% of the stock is currently owned by hedge funds and other institutional investors.
Teekay Corp. Company Profile
Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector.
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